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abrdn Income Credit Strategies Fund (ACP) is a diversified, closed-end management investment company listed on the New York Stock Exchange under the symbol ACP. The primary investment objective of ACP is to seek a high level of current income, with a secondary objective of capital appreciation. The Fund predominantly invests in debt and loan instruments across various industries and geographic regions, providing a diversified portfolio that aims to maximize returns while managing risks.
Recently, ACP has been involved in significant corporate actions aimed at enhancing shareholder value. On October 23, 2023, the Board of Trustees announced the proposed reorganization of several closed-end investment companies advised by First Trust Advisors, L.P. into ACP. This strategic move, subject to shareholder approval, is designed to increase the Fund's scale, liquidity, and marketability, potentially leading to a tighter discount or a premium to NAV over time. The reorganization is expected to be completed by the first quarter of 2024.
Financially, ACP is committed to maintaining a stable distribution policy. For example, on December 11, 2023, ACP declared a cash distribution of $0.328125 per share for its 5.250% Series A Perpetual Preferred Shares (NYSE:ACP PRA), payable on January 2, 2024. This highlights ACP's consistent approach to delivering value to its shareholders.
abrdn, the marketing name for several affiliated, registered investment advisers, manages ACP. These advisers include abrdn Inc., abrdn Investments Limited, abrdn Asia Limited, abrdn Private Equity (Europe) Limited, and abrdn ETFs Advisors LLC. The Fund's performance and returns are subject to fluctuations in market conditions, and past performance does not guarantee future results.
In summary, ACP offers investors an opportunity to gain exposure to a diversified portfolio of debt and loan instruments with a focus on high current income and capital appreciation. The Fund's proactive management and strategic initiatives aim to enhance shareholder value and ensure long-term viability.
abrdn Income Credit Strategies Fund (ACP) and two other funds completed reorganizations, effective March 10, 2023. Shareholders received Acquiring Fund shares equivalent to the net asset value of their previous holdings. Notably, ACP's NAV per share was 7.1889 with a conversion ratio of 1.615135. The reorganizations did not alter the funds' investment objectives or distribution policies. abrdn manages over $450 billion in assets globally as of December 31, 2022. The press release emphasizes abrdn's commitment to delivering long-term value and welcoming new shareholders.
abrdn U.S. Closed-End Funds announced the upcoming completion of reorganizations involving four closed-end investment companies advised by Delaware Management Company. Effective March 13, 2023, the IVH, DEX, DDF, and MGU funds will merge into the ACP, AGD, and ASGI funds. This consolidation aims to enhance economies of scale, liquidity, and marketability, ultimately benefiting shareholders by creating larger, more viable funds. Shareholders of the Acquired Funds will receive new shares of the Acquiring Funds post-reorganization.
abrdn Income Credit Strategies Fund (NYSE: ACP PRA) has declared a cash distribution of $0.328125 per share for its 5.250% Series A Perpetual Preferred Shares. This distribution will be payable on January 3, 2023, to shareholders of record as of December 20, 2022, with an ex-dividend date of December 19, 2022. The Series A Preferred Shares, rated 'A2' by Moody's, were issued at $25.00 per share and provide an annual dividend rate of $1.3125. Future distributions may come from various income sources, with tax implications detailed in Form 1099-DIV sent in January 2023.
abrdn Income Credit Strategies Fund (ACP) and abrdn Global Dynamic Dividend Fund (AGD) held special shareholder meetings on November 9, 2022, approving the issuance of additional shares for reorganizations with Delaware funds. ACP shareholders voted 11,420,419 to 1,829,195 in favor of merging with the Delaware Ivy High Income Opportunities Fund. AGD's votes were 6,515,118 to 594,880 for merging with Delaware Enhanced Global Dividend and Income Fund and Delaware Investments® Dividend and Income Fund. The reorganizations are expected to finalize in Q1 2023, pending customary conditions.
abrdn Global Infrastructure Income Fund (ASGI) has adjourned its special meeting of shareholders originally scheduled for November 9, 2022, to November 23, 2022, to gather more proxies necessary for a quorum. The meeting aims to discuss the issuance of additional common shares in connection with the reorganization of Macquarie Global Infrastructure Total Return Fund Inc. (MGU) into ASGI. The merger is expected to enhance scale and liquidity, with the goal of improving marketability and potentially increasing shareholder value.
abrdn Income Credit Strategies Fund has declared a cash distribution of $0.328125 per share for its 5.250% Series A Perpetual Preferred Shares (NYSE: ACP PRA). This distribution is scheduled for September 30, 2022, with shareholders on record by September 20, 2022 and an ex-dividend date of September 19, 2022. The shares, rated A2 by Moody's, have an annual dividend rate of $1.3125. Distributions may originate from various income sources, with tax reporting details to be provided in January 2023.
The Delaware Ivy High Income Opportunities Fund (IVH) announced the approval of its reorganization into the abrdn Income Credit Strategies Fund (ACP). This transition is anticipated to finalize in Q1 2023, contingent upon shareholder approvals and customary closing conditions. Delaware Management Company manages IVH while Aberdeen Asset Managers Limited advises ACP. Shareholders are encouraged to review upcoming Proxy Statement/Prospectus documents for key information regarding the reorganization.
Aberdeen Income Credit Strategies Fund has declared a cash distribution of $0.328125 per share for its 5.250% Series A Perpetual Preferred Shares (NYSE:ACP PRA), payable on March 31, 2022. Shareholders on record by March 21, 2022, will receive this distribution, with an ex-dividend date of March 18, 2022. The Series A Preferred Shares, rated A2 by Moody's, pay an annual dividend of $1.3125 and were issued at $25.00 per share. Distributions may include income sources beyond ordinary income, and tax treatment details will be provided in a Form 1099-DIV in January 2023.
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